Bankruptcy is simply a way to deal with debts you cannot pay. By becoming bankrupt, you can free yourself from large debts and make a completely fresh start (subject to certain conditions). Bankruptcy ensures your assets (if any) are fairly shared out among your creditors – the people you owe money to. In general, you can be discharged from bankruptcy after 12 months.

At Parkin S Booth, our licensed insolvency practitioners will be happy to advise you if bankruptcy would be the best course of action, or whether an Individual Voluntary Arrangement (IVA) would be more appropriate.